Modi may not speak in Parliament on notes Ban

21-11-2016

Modi may not speak in Parliament on notes Ban

Opposition parties want PM Modi to explain his abrupt outlawing of the old notes in the Rajya Sabha, where the government is in a minority.

Government sources say that will not happen and that Finance Minister Arun Jaitley will instead explain the governments stand.The Congress hosted a meeting this morning of opposition parties to encourage a united onslaught over the issue.

The opposition wants a debate on the notes ban in the Lok Sabha, followed by a vote.The government has reportedly objected to the language used for the motion that would be used for the debate.

The opposition plans to repeat in parliament the accusation that big industrialists and others were in the know about the notes ban and had enough time to dodge it by investing hoarded money into assets like property.

On November 8, PM Modi said that 500 and 1,000 rupee notes would be invalid for transactions just hours later. He said the reform would combat black money and corruption.

The move, generally praised for intent, has been criticized for poor execution because India has rushed en masse to banks to get the new Rs. 500 and Rs. 2,000 notes. Long lines have been exacting, and ATMs have run dry, while many cash machines are still being reconfigured to dispense the new, larger-sized bills.

Over 45 billion dollars was deposited in banks in the first week after the announcement. The cancelled bills form 86 per cent of the notes in circulation, and rural India has been stranded without cash.

PM Modi has sought 50 days to fix the cash problem, promising long-term benefits from the demonitisation. Without naming them, at a rally yesterday, he targeted two senior opposition leaders, Mayawati and Mamata Banerjee, for criticizing his move, suggesting that their parties track records establish a proclivity to corruption.